Navios Maritime Partners (NMM) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 net income of $167.9 million, EBITDA of $275.2 million, and revenue of $410.2 million; H1 2026 net income was $274.3 million and EBITDA $487.8 million.

• Earnings per common unit were $5.78 for Q2 and $9.42 for H1 2026; declared a $0.06 distribution per unit for the quarter.

• Operates a diversified fleet of 176 vessels across tanker, dry bulk, and container segments, with an average fleet age of 8.7 years, significantly younger than the industry average.

• Maintains strong liquidity of $625 million and a contracted revenue backlog of $4.4 billion extending through 2037.

• Continues fleet modernization and optimization through strategic acquisitions and sales, focusing on larger, more efficient vessels.

Financial highlights

• Q2 2026 revenue increased 25% year-over-year to $410.2 million, driven by higher TCE rates; EBITDA rose to $275.2 million.

• Combined TCE rate for Q2 2026 rose 24% to $28,512 per day; available days decreased 2% to 13,152.

• Adjusted EBITDA for Q2 2026 was $242.2 million, up from $172.6 million in Q2 2025; adjusted net income rose to $135 million.

• H1 2026 revenue was $767.2 million; adjusted EBITDA for H1 2026 was $446.3 million.

• Net debt to book capitalization improved to 30.6% as of June 30, 2026.

Outlook and guidance

• Contracted revenue backlog reached a record $4.4 billion, extending through 2037, with $591.2 million expected for H2 2026.

• For H2 2026, contracted revenue exceeds projected cash operating cost by $151 million.

• 6,250 open or index-linked days in 2026 provide upside exposure to spot markets.

• 77.1% of available days fixed for H2 2026 and 50.9% for 2027.

• New $200 million unit repurchase authorization announced, doubling the previous program.